Microsoft retreats after hitting all-time high

Monday, 15. July 2019 16:58

Investors took profits in early trade on Monday on Wall Street after pushing Microsoft Corp. to a record high at $139.54 per share or nearly $1.07 trillion in market capitalization. Major technology stocks gathered in the so-called FAANG group were mostly subdued, with the exception of Apple Inc, while benchmark stock indexes were little changed. They pulled back from the record highs, reached for the third or fourth session in the past week.

Traders seemed upbeat regarding rumors in the news that United States President Donald Trump is considering the possibility to let go Secretary of Commerce Wilbur Ross. He is one of the hardliners in trade policy against China, which failed to lead to a bilateral agreement. Of note, growth in the second-largest economy weakened to the lowest level in at least 27 years, which may be interpreted as Trump's advantage in negotiations.

The biggest company in the US moved 0.09% down to $138.78 per share at 10:39 am ET. Apple Inc. rallied 1.08% to to $205.5 after touching $205.87 per share, the highest since May 7. Netflix slumped 1.64% to $367.12 per share compared to the session low of $364.7, unseen since June 27. The Nasdaq 100 was just 0.04% under the flat line. Amazon slipped 0.22% and Facebook retreated 0.53%. Alphabet moved 0.07% higher.

Related Links: Netflix Inc.Apple Inc.Microsoft Corp.
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Breaking the News / IT